KSH International shares decline nearly 8 pc in trading debut

New Delhi, Dec 23 (PTI) Shares of magnet winding wires manufacturer KSH International Ltd on Tuesday ended with a discount of nearly 8 per cent to the issue price of Rs 384.

The stock started trading at Rs 370, a 3.64 per cent decline from the issue price, on both the BSE and NSE.

At the BSE, the stock dropped by 8.84 per cent to Rs 350.05 during the day. Later, it ended at Rs 354.55, down 7.66 per cent.

On the NSE, shares of the firm ended 7.55 per cent lower at Rs 355. The company's market valuation stood at Rs 2,402.28 crore.

KSH International's initial public offering (IPO) had a price band of Rs 365-384 per share.

As per a revised prospectus, the IPO's offer-for-sale size was revised to Rs 224.4 crore from Rs 290 crore earlier stated in the RHP.

The fresh issue size remains unchanged at Rs 420 crore. Accordingly, the revised IPO size is Rs 644.4 crore as opposed to the earlier issue size of Rs 710 crore.

The firm, part of the KSH group, commenced its operations in 1981 by manufacturing magnet winding wires in Raigad, Maharashtra, and in the last four decades, it has diversified its operations to manufacturing various types of standard and specialised magnet winding wires.

It markets and sells its products through its brand 'KSH'.

The company has 117 customers, including Bharat Bijlee, Virginia Transformer Corporation, Bharat Heavy Electricals Ltd, Georgia Transformer Corporation, Hitachi Energy India, and Siemens Energy India. PTI SUM SUM MR